PwC invests in ‘high quality’ China business to ensure survival after US$62 million fine

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PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan on Friday over the firm’s audit of failed property developer China Evergrande Group.

Chinese authorities have been examining PwC’s role in Evergrande’s accounting practices since the country’s securities regulator accused the developer in March of a US$78-billion fraud over a period of two years through 2020.“We want to recognise that this has been an extremely challenging period for all of you,” said the PwC internal memo issued late on Friday after the regulatory penalty announcement, and reviewed by Reuters.“The PwC network has also shown continued support for our China firm throughout this period … They are making tangible investments to ensure we have long term, high quality and sustainable business in China,” it said.

PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan (US$62 million) on Friday over the firm’s audit of failed property developer China Evergrande Group.

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Article Details

Author / Journalist: Reuters

Category: Business

Markets: Hong KongChina

Topics: Business Period Chinese Memo Ensure Sustainable Making Quality Firm China Friday

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-16 @ 16:07:50 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 176 words

Reading Time: 1 minutes read

Sentences: 3 lines

Sentence Length: 59 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22526143

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